Daily Morning Brief; June 26, 2026
Market Overview
The SPY is going for its 4th straight close below the 21 EMA and that keeps the pressure on. We gapped down this morning to 728.95 and found buyers off the lows, clawing back to 735.42, but we’re still stuck under both the 8 and the 21. The 8 EMA at 737.73 and the 21 at 739.09 are converging and rolling over, which is not what bulls want to see. The one thing keeping this from getting ugly is the 50 day at 732.82 holding as support so far. Until we reclaim that 21, treat rallies into it as resistance.
Flow leaning bullish across the board today with size in industrials, semis, and healthcare names. Call buying in CAT, CVS, and GS plus a big put sale in AMD show institutions still positioning long even with the SPY soft.
Top Setups — 4 Signals
CAT — BULL · MEGA
Calls Bought · Strike: 1020.0 · Exp: Sep26 · 603 contracts · $5.2M
CAT is in a clean uptrend with price at 1014.40 sitting above all the key moving averages and the 8 EMA at 995 acting as the near support. Someone stepped in for $5.2M of September 1020 calls, betting this momentum keeps grinding higher into the fall. The 8 EMA is the level to watch on any dip since this name has been trending well above the 21 for weeks.
